Trian seeks seat for Peltz on P&G board

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Trian seeks seat for Peltz on P&G boardThe fund, which owns about $3.3 billion of P&G’s stock, urged shareholders to vote for Peltz at the company’s shareholder meeting, citing his track record of working with managements to turn around consumer companies. In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc , and focused on core brands such as Tide, Pampers and Gillette. Trian said in the filing it was launching the proxy fight because of P&G’s continuing underperformance and the lack of tangible evidence that the company had embraced initiatives discussed at various meetings between the parties.

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